Waterfront Restaurant and
For Sale
$1,800,000
4168 W Houghton Lake Drive, Houghton Lake, MI 48629
Commercial, Houghton Lake, MI
Property Size8,420 SF
Lot Size0.95 Acres
Price / SF$213.78
Days on Market96
Property Features for 4168 W Houghton Lake Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
Parking Lot
Exterior features
Wood
Lot features
Freestanding
Directions
Highway M55 South Shore of Houghton Lake directly across from Spicer's Boat City Marina
Subdivision
Roscommon
Standard status
Active
Size
8,420 SF
Lot size
0.95 Acres
Taxes and HOA fees
Tax Description
L1164/P2394 L928/P692 L900/P11 L890/P266 L420/P292 223 LOT 10 -.81 A KILLCARE RESORT AND ALL LAND THAT LIES W OF W LINE OF LOT 10 KILLCARE RESORT AND 141 FT E OF AND PARALLEL TO E LINE OF DETROIT ST EXT FROM N LINE OF M-55 TO S SHORE OF LAKE BEING 10.7 FT
Legal Description
L1164/P2394 L928/P692 L900/P11 L890/P266 L420/P292 223 LOT 10 -.81 A KILLCARE RESORT AND ALL LAND THAT LIES W OF W LINE OF LOT 10 KILLCARE RESORT AND 141 FT E OF AND PARALLEL TO E LINE OF DETROIT ST EXT FROM N LINE OF M-55 TO S SHORE OF LAKE BEING 10.7 FT
Utilities
Water source
Private
Water front
1
Amenities
lakeside pavilion
sandy beach
lakeside dock
entertainment stage
flat-screen televisions
leather-furnished lounge area
open-air lakeside balcony
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS-HL
(989) 366-5522
Listed By:
RUTH CLEMENS · License #6506043271
(989) 429-3100
Added: Jul 27
Changed: Oct 8
Last Checked: Oct 30 at 4:06AM
MLS# 1948619
Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This restaurant and lounge property occupies 0.95 acres along Houghton Lake and includes an 8,420-square-foot building with a frame structure, asphalt roof, parking lot, and private water source. The layout includes four bar areas, a commercial kitchen with equipment and POS system, indoor and outdoor seating, a stage, televisions, and a second-floor room that can accommodate private events, entertainment, gaming, or additional seating. A char broiler positioned in the dining area adds an interactive food-service feature.
Outdoor improvements include a 1,404-square-foot three-sided pavilion bar, an approximately 560-square-foot lakeside balcony, a lower open-air bar, sandy beach, dock, and multiple gathering areas. The property has 152 feet of frontage on Houghton Lake and is located at 4168 W Houghton Lake Drive in Houghton Lake, Michigan.
Outdoor improvements include a 1,404-square-foot three-sided pavilion bar, an approximately 560-square-foot lakeside balcony, a lower open-air bar, sandy beach, dock, and multiple gathering areas. The property has 152 feet of frontage on Houghton Lake and is located at 4168 W Houghton Lake Drive in Houghton Lake, Michigan.
Key Highlights
- 152 feet of frontage on Houghton Lake
- 8,420‑square‑foot restaurant and lounge on 0.95 acres
- Four distinct bar areas, including a 1,404‑square‑foot lakeside pavilion bar
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,103
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,282,060
$1.3M
Cap Rate 7%
$915,757
$915.8K
Cap Rate 9%
$712,256
$712.3K
Market Conditions
NOI Build-Up for 8,420 SF
Gross rent
$118.2K $14.04/SF
− Vacancy
−$32.7K −$3.89/SF
EGI
$85.5K $10.15/SF
− OpEx
−$21.4K −$2.54/SF
NOI
$64.1K $7.61/SF
Area
Roscommon County, MI
Vacancy
27.70%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,282,060
Cap Rate 7%
$915,757
Cap Rate 9%
$712,256
Alternative Uses
Best Use
Specialty Retail
$915.8K
$801.3K – $1.07M
NOI $64,103 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $96,998 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
98
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48629, MI
7,420
Population
7,248
Households
1
Avg Household Size
56
Median Age
18%
College-Educated
90%
High-School Grad
77.5 sq mi
ZIP Area
96
Density / Sq Mi
$54,622
Median Household Income
$33,544
Median Earnings
$784
Median Rent
$142,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Similar Off Market Nearby
- China Buffet — 3513 W Houghton Lake Dr, Houghton Lake, MI 48629
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant and entertainment property with multiple bars, lakefront seating, a commercial kitchen, dock, and sandy beach.
Where is this conventional restaurant located?
The property is located at 4168 W Houghton Lake Drive Houghton Lake, MI.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 152 feet of frontage on Houghton Lake; 8,420‑square‑foot restaurant and lounge on 0.95 acres; Four distinct bar areas, including a 1,404‑square‑foot lakeside pavilion bar
